Cornish mining area focus of regeneration project - commercial mortgages

20 October 2006

The South West Regional Development Agency (RDA) has agreed to take steps to begin regeneration of a Cornish mining community to bring new investors, including those with commercial mortgages, to the area.

The RDA has agreed to fund the purchase of 147 acres of brownfield land in Camborne, Pool and Redruth in West Cornwall, including a former mining complex.

According to the RDA, the £25 million project will create 580 new residential properties and a number of business and employment opportunities.

Nick Buckland, deputy chairman of the South West RDA, comments: "Buying this land will unlock the enormous regeneration potential of the area by creating the conditions that are vital to attract investment."

Nigel Tipple, chief executive of CPR Regeneration, the company negotiating the purchase of the land, believes that the move will be a "catalyst" to encouraging private investment in the area.

The BBC reports that the mine works would be protected to enable an investor to begin mining in the future.